CNB Financial Corporation Reports Second Quarter 2026 Results

About this update from Cnb Financial Corporation

CLEARFIELD, Pa., July 23, 2026 (GLOBE NEWSWIRE) -- CNB Financial Corporation ("Corporation") (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and six months ended June 30, 2026. Key Financial Trends 1 This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles ("GAAP"). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance the comparability of results of operations with prior periods, and reflect the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the "Reconciliation of Non-GAAP Financial Measures" section. Executive Summary Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, "Our second quarter earnings and financial position reflect several positive developments for CNB, and position us well for the future. In managing our capital and debt structure, during the second quarter, we called $50 million of subordinated debt that was going to reprice at a higher interest rate to the Corporation. Given our success in recent years in building a stronger common equity base with the combination of sound and increasing retained earnings, a common capital raise, and acquisition activities, we were well positioned to complete this substantial and cost-beneficial redemption without compromising our regulatory capital strength. Also during the quarter, we experienced favorable net growth and increased production momentum in our commercial loan portfolio, adding new relationships and expanding borrowing positions with qualitative customers in an increasingly competitive lending environment. This favorable commercial customer production, which more than offset some headwinds from increased loan prepayments, paralleled continued relationship growth in our Treasury Management activities. These volume increases in some of our core net interest income components were complemented by a favorable net interest margin, supported by a continued realized reduction in our average cost of funds. We continue to see both a sound loan pipeline and both commercial and retail deposit generation opportunities for further growth as we enter the third quarter. Importantly, as we release these second quarter earnings, we recently celebrated the one-year anniversary of the July 23, 2025 acquisition of ESSA. As we look back on the past year, the benefit of hindsight reflects the successful addition and integration of this wonderful franchise and so many valued employees and clients. The professionalism, credit quality and system integration and efficiency expectations we had prior to and at the time of the ESSA acquisition have been and continue to be realized. With so many incredible and customer-focused leaders in our ESSA division, we see further opportunities to deliver great retail and commercial banking, and wealth management experiences, for clients in the Northeastern Pennsylvania markets served by ESSA. Our optimism is supported by the favorable growth in both existing relationship building and new clients being added across our lines of business in our other legacy divisions. Concurrent with these continuing franchise growth efforts, we remain focused on tightly managing the Corporation's core overhead. Our efficiency ratio reflects not only the economies-of-scale cost efficiencies from the ESSA acquisition, but also process efficiencies including the greater effective use of automation as we continuously challenge how we deliver our products and services without any compromise to our security, quality, and internal control standards. Achieving positive operating leverage that leads to meaningful returns, built on a foundation of security and financial soundness, and delivered by engaged banking and wealth management professionals, remains our driving commitment." Other Balance Sheet Highlights Loan Portfolio Profile The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate ("HVCRE") credits. No credits acquired from ESSA were considered HVCRE. Performance Ratios Revenue Non-Interest Expense Income Taxes Asset Quality Capital Conference Call The Corporation will host an earnings conference call on Thursday, August 6, 2026 at 1:00 p.m. Eastern Time. The direct dial number for the call is (877) 270-2148. Participants should ask to join the CNB Financial Corporation earnings conference call. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (855) 669-9658 using the access code 5617838, from two hours after the end of the call until August 20, 2026. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.cnbbank.bank  in the Investor Relations section. About CNB Financial Corporation CNB Financial Corporation is a financial holding company with consolidated assets of approximately $8.4 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, and 79 offices comprised of one loan production office, one mobile office, two limited service offices, and 75 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Columbus, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and ESSA Bank, based in Stroudsburg, Pennsylvania, with offices in Northeast Pennsylvania, including the Lehigh Valley region. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank. Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation's financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation's control). Forward-looking statements often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future conditional verbs such as "may," "will," "should," "would" and "could." The Corporation's actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) adverse economic effects from international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, or similar events impacting economic activity; (viii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (ix) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (x) changes in the quality or composition of our loan and investment portfolios; (xi) adequacy of loan loss reserves; (xii) increased competition; (xiii) loss of certain key officers; (xiv) deposit attrition; (xv) rapidly changing technology; (xvi) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvii) changes in the cost of funds, demand for loan products or demand for financial services; and (xviii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation's financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of and the forward-looking statement disclaimers in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission. The forward-looking statements are based upon management's beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation's actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements. CNB FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) CNB FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data) CNB FINANCIAL CORPORATION CONSOLIDATED FINANCIAL DATA Unaudited (dollars in thousands, except per share data)

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